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Tourist Trade Stimulating Property Market in Phuket

By Elise ~ April 3rd, 2014 @ 2:18 pm

The Southern Thai region of Phuket is becoming increasingly popular with tourists from around the world, and also with expatriates looking for a pleasant place to settle with warm weather and easy access to the sea. This is resulting in high demand for properties and pushing up prices, according to information presented at the recent “Economy and Investment Trends for the Tourism Industry” conference.

The conference, which was held at the Royal Phuket city Hotel, resulted from collaboration between the Siam Commercial Bank, the Tourism Authority of Thailand, and Siam Commercial Bank. It was attended by a number of leading financial and property professionals in the region.

Plus Property Co provided statistics for the conference that revealed land prices roughly doubling over the course of only a few years. It was said that a price tag of 50,00-60,000 baht can now be seen on parcels of land that, not so very long ago, would have sold for only 27,000 baht.

This growth in prices is largely being driven by high demand. Some of this comes from expats and people moving to the region from elsewhere in Thailand. This influx of newcomers contributes to the region’s 3% annual rise in population. However, international investment is also a major factor in creating high demand and stimulating value growth. This is largely driven by the region’s strong tourist industry.

According to Wannaprapha Suksomboon, deputy director for Phuket with the Tourism Authority of Thailand, tourists in the area are increasingly renting homes for short-term periods instead of opting for hotels or other dedicated tourist properties. This provides an increased level of comfort and an experience closer to everyday local life.

This leads to large volumes of incoming investment into the regions property market, both from investors within Thailand and those abroad. The high demand that tourists place on property and the strong rents they pay are perhaps catching their attention more than the possibility of renting to the wealth expats who settle in the area for the longer-term.

A look at the figures quoted by Srinarin Paopongpaiboon, who works at Siam Commercial Bank’s Economics and Business Research Centre as a senior analyst, it is not hard to see why Phuket is attracting so much international money. Ms Srinian points out that rental returns on properties in the region tend to be around 6-8%, while rapid value growth means that simply buying a property and selling it a year later will get a return of 10%.

However, property and investment are not the only sectors of the economy to benefit from this, and the positive effects are being felt on-the-ground by residents of the area as well. Thanks to 7% annual growth in the region’s property market and the money that the thriving tourist trade brings in, families who live in Phuket have benefited from a 3% income rise over the last three years.

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